How to Do a Marketing Analysis to Reach Your Business Goals
It may seem like common-sense, but unfinished goals seems to be a pot-hole that many small businesses find themselves falling into. The way it happens is that businesses create large-scale objectives, have a timeline, but are unsure how to make those results HAPPEN. They have no idea how to create a process or ‘strategy’ that will lead them to the end. Why is that? The simple answer is that they don’t know what they are looking for. That is where a marketing analysis comes in handy! With this thorough document, you will be able identify your attainable goals, come with a road map to guide you to success, and learn tips and tricks along the way to make the journey easier.
Is hiring a strategist not something your business can afford right now? You’re in luck! Take a look at our insider 5-step process (a small portion of our distinctive Jumping Elephant strategy) that will get you started on creating your own Market Analysis!
Step 1: Understand Your Business
In order to know where you want to go, you need to know who you are right now (Look at me being all philosophical). To assess your business goals and begin working towards accomplishing them, you need to know where your business currently stands. At the beginning of creating your marketing analysis, ask yourself the following questions:
- Why are you in business?
- How do you see your company?
- How do others see your company?
- How do you WANT others to see your company?
- Who are your customers?
- What sets you apart? (Don’t say customer service! Everyone wants to be good at customer service!)
- What are your biggest barriers keeping you from achieving your goals?
By answering these questions and jotting down the answers, you will gain insight into your current business status. You will observe what your business’ USP (unique selling proposition) is as well as define your vision of what your company currently is and you would like it to be. Congratulations! Step one is complete.
Step 2: Determine Your Objectives
Now that you have defined what makes your company like no other, it is time to determine your objectives! This should be the easiest part, as you have been working to boost your business since the day it first was born into the world. Take out a paper and pen (or iPad or laptop for you techy folk) and write down your business objectives. What are they? How can they be attained? The best way to determine this is to set your SMART goals and see how they can be attained through social media:
S – Specific
M – Measurable
A – Achievable
R – Realistic
T – Timely
Eg: “I want 500 more followers on Instagram – 100 more followers each month for the next 5 months!”)
Write quick ideas on how you can achieve those goals in both qualitative and quantitative solutions. Step two done!
Step 3: Narrow Down Your Audience
An activity that I do with every new client is have him or her close their eyes and picture their EXACT target audience. Their IDEAL client. What is his/her name? How old are they? What social media platforms do they use? Do they like cream in their coffee? What are their needs as a consumer of your product/service? What do they want from you? Do they buy online impulsively or shop around retail stores? Do they like ELEPHANTS?! Once you have created this person in your mind, voila! You have found your primary audience.
From now on, as you go about the rest of your marketing analysis, you will know precisely whom you are creating your digital content for.
Step 4: Analyzing Your Current Social Media
Because one of your goals is probably something along the lines of getting more followers, reaching more people, and getting a better ROI… you will want to analyze what your business is doing right NOW on social media.
Digital marketing is the future. In order to stay relevant (or rELEPHANT… see what I did there?) in this ever-changing world, you need to make your voice heard among the hundreds of others online. You can do this by considering existing accounts and evaluating what is working and what isn’t. For this part of the marketing analysis you should:
- Write down the number of followers on each existing business platform
- Write down how much engagement your pages are receiving
- Use platform specific analysis tools to identify your top posts
- Write down the last time you posted for each platform
Having all of this information documented is ideal for future use. In a month or two from now, when you have implemented your new marketing analysis, you can return to your records and check if these numbers have changed for the better (great work!), stayed the same (time for a change!), or gone down (time to hire a strategist!).
Step 5: Compare Yourself!
I know your mom always told you not to compare yourself to others… but sometime that’s just what adults have to do!
One of the best methods to build up your own online presence and make improvements is to learn from others. And what better way to do that than comparing yourself to your top competitors! Take a moment to check out their websites, view each of their social media profiles, and see how they have been engaging with their audiences. When doing this, look specifically for:
- Their strengths
- Their weaknesses
- How many followers they have
- Whether their approach is working or not (engagement on posts)
- What they are doing that is different
Knowing what the competition is up to is a great way to change your own approach. Of course, don’t just copy what they are doing right! You need to come up with your own CREATIVE and INDIVIDUAL approaches that will make your amazing business stand out!
As a small business owner, it is so important to analyze where you sit in the market at least every year. Trust us, doing it now will save you a giant headache later on. It is with these simple 5 steps that you will pave the path to making an elephant-sized difference in your digital marketing approach! Use this basic market analysis outline to get a better understanding of your business today so that you can drastically make an impact in the months and years to come!
Tried to make your own marketing analysis and just not getting it? Our herd is on the way! With Jumping Elephant’s digital marketing strategies and audits, we will provide you with an in-depth analysis of your business online and give you professional and detailed ways to make it better! Contact us to take your strategy beyond the five steps listed above and JUMP to greater success!